Marginal note:Defence — due diligence
798 (1) A director, officer or employee of a bank holding company is not liable under section 794 or 797 and has fulfilled their duty under subsection 748(2) if they exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on
(a) financial statements of the bank holding company that were represented to them by an officer of the bank holding company or in a written report of the auditor of the bank holding company fairly to reflect the financial condition of the bank holding company; or
(b) a report of a person whose profession lends credibility to a statement made by them.
Marginal note:Defence — good faith
(2) A director or officer of a bank holding company has fulfilled their duty under subsection 748(1) if they relied in good faith on
(a) financial statements of the bank holding company that were represented to them by an officer of the bank holding company or in a written report of the auditor of the bank holding company fairly to reflect the financial condition of the bank holding company; or
(b) a report of a person whose profession lends credibility to a statement made by them.
- 2001, c. 9, s. 183
- 2005, c. 54, s. 115
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